Anson Industries, Inc. reported the following information on its 20Y1 inco Sales $4,000,000 Cost of goods sold 2,300,000 Operating expenses 1,000,000 Income tax expense 280,000 Other comprehensive income 450,000
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A: Formula: Net sales = Sales revenue - Sales returns and allowances - Sales discounts. Deduction of…
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A: Gross profit can be calculated by deducting the cost of goods sold from the net sales.
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A: Profit Margin=Net IncomeNet Sales×100=$70,150$610,000×100=0.115×100=11.5%
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A: Sale discount and returns=Sale return+Sale discounts=30,000+20,000=50,000
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- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000how did they get the Income Before Tax? Proforma Income Statement 1/31/21 Total Revenue $ 28,959,000.00 Cost of Goods $ 15,299,000.00 Gross Profit $ 11,535,000.00 Operating Expenses $ 7,609,000.00 Total Operating Expenses $ 7,609,000.00 Operating Income or Loss $ 3,926,000.00 Interest Expense $ 434,000.00 Income Before Tax $ 3,644,000.00 Income Tax Expense $ 963,000.00 Income from Continuing Operations $ 2,681,000.00 Net Income $ 2,681,000.00The Weymire Corporation provides you with the following information for the year ended 12/3120: Sales revenue 450,000 |Cost of goods sold 120,000 Gross margin 330,000 Depreciation expense Pension expense 72,750 28,500 Other expense 38,250 Interest expense 4,500 Gain on the sale of equipme (3,000) Income tax expense 97,500 238.500 91.500 Net Income 12/31/19 12/31/20 Cash 24,000 54,000 Accounts Receivable 75,000 70,500 Inventory 124,500 126,000 Equipment 127,500 123,000 Accumulated Depreciation (9.000) (10,500) Total 342.000 363.000 Accounts Payable 54,000 69,000 Income Taxes Payable 99,000 72,000 Interest Payable 3,000 1,500 45,000 6,000 Notes Payable, long term Accrued Pension Liability 3,000 Deferred Tax Liability Common Stock, no par 21,000 27,000 105,000 120,000 Retained Earnings 9.000 70,500 Total 342.000 363,000 Additional information: Equipment costing $73,500 was sold. New equipment was purchased, and $15,000 of common stock was issued in partial payment for the new equipment.…
- Revenue and expense data for Rogan Technologies Co. are as follows: 20Y8 20Y7 Sales $701,000 $610,000 Cost of goods sold 434,620 347,700 Selling expenses 105,150 103,700 Administrative expenses 119,170 122,000 Income tax expense 21,030 12,200 a. Prepare an income statement in comparative form, stating each item for both 20Y8 and 20Y7 as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as a positive number. Rogan Technologies Co. Comparative Income Statement For the Years Ended December 31, 20Y8 and 20Y7 20Y8 Amount 20Y8 Percent 20Y7 Amount 20Y7 Percent $fill in the blank 6de34503cfdf061_2 fill in the blank 6de34503cfdf061_3% $fill in the blank 6de34503cfdf061_4 fill in the blank 6de34503cfdf061_5% fill in the blank 6de34503cfdf061_7 fill in the blank 6de34503cfdf061_8% fill in the blank 6de34503cfdf061_9 fill in the blank 6de34503cfdf061_10% Gross profit $fill in the blank…Income Statement For the Year Ending December 31, 20X1Sales (on credit)$ 2,106,000Cost of goods sold1,371,000Gross profit$ 735,000Selling and administrative expenses561,000*Note asteriskOperating profit (EBIT)S 174,000Interest expense33,900Earnings before taxes (EBT)S 140,100Taxes83,300Earnings after taxes (EAT)S 56,800*Selling and administrative expenses Note asteriskIncludes $42,700 in lease payments. Using the above financial statements for the Jackson Corporation, calculate the following ratios. Profitability ratios. Note: Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.Complete the income statement table below Sales $15,000 Gross income Cost of goods sold Operating expenses Asset depreciation S8,000 $2,000 $1,000 Taxable income Tax (20%) Net income Net cash flow
- Calculate the Gross Profit Percentage using the following information: Net Sales Cost of Goods Sold Operating Expenses Income Taxes 60% 32.5% 30% 120% 5,000,000 2,000,000 500,000 875,000The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…Crane Manufacturing Ltd's sales for the year ended December 31, 2022 are $1.24 million. The expenses for 2022 are as follows: Cost of goods sold Selling expenses Variable Fixed $416,000 $234.000 34,320 46,800 72,800 Administrative expenses 36,320 Prepare a detailed CVP income statement for the year ended December 31, 2022. Crane Manufacturing Ltd. CVP Income Statement
- Revenue and expense data for Searle Technologies Co. are as follows: 20Y8 20Y7 Sales $900,000 $725,000 Cost of goods sold 558,000 435,000 Selling expenses 117,000 116,000 Administrative expenses 63,000 65,250 Income tax expense 76,500 58,000 a. Prepare an income statement in comparative form, stating each item for both 20Y8 and 20Y7 as a percent of sales. Round to one decimal place. Searle Technologies Co. Comparative Income Statement For the Years Ended December 31, 20Y8 and 20Y7 20Y8 Amount 20Y8 Percent 20Y7 Amount 20Y7 Percent $fill in the blank 9441f0095009007_2 fill in the blank 9441f0095009007_3% $fill in the blank 9441f0095009007_4 fill in the blank 9441f0095009007_5% fill in the blank 9441f0095009007_7 fill in the blank 9441f0095009007_8% fill in the blank 9441f0095009007_9 fill in the blank 9441f0095009007_10% Gross profit $fill in the blank 9441f0095009007_11 fill in the blank…"Keeper Corporation’s income statement for the year ended June 30, 2014, and its comparative balance sheets for June 30, 2014 and 2013 follow.Keeper CorporationIncome StatementFor the Year ended June 30, 2014Sales$234,000Cost of goods sold156,000Gross margin$78,000Operating expenses45,000Operating income$33,000Interest expense2,800Income before income taxes$30,200Income taxes expense12,300Net income$17,900Keeper CorporationComparative Balance SheetsJune 30, 2014 and 201320142013AssetsCash$69,900$12,500Accounts receivable (net)21,00026,000Inventory43,40048,400Prepaid expenses3,2002,600Furniture55,00060,000Accumulated depreciation—furniture(9,000)(5,000)Total assets$183,500$144,500Liabilities and Stockholders’ equityAccounts payable$13,000$14,000Income taxes payable1,2001,800Notes payable (long-term)37,00035,000Common stock, $10 par value115,00090,000Retained earnings17,3003,700Total liabilities and stockholders’ equity$183,500$144,500Keeper issued a $22,000 note payable for purchase of…Selected comparative statement data for Oriole Company are presented below. All balance sheet data are as of December 31. 20222021Net sales$1,165,000 $1,125,000Cost of goods sold705,000 645,000Interest expense20,000 15,000Net income154,945 145,000Accounts receivable145,000 125,000Inventory105,000 100,000Total assets785,000 700,000Preferred stock (6%)205,000 200,000Total stockholders’ equity635,000 525,000 Compute the following ratios for 2022. (Round answers to 1 decimal place, e.g. 1.8 or 2.5%) (a)Profit marginenter the profit margin in percentages %(b)Asset turnoverenter the asset turnover in times times(c)Return on assetsenter the return on assets in percentages %(d)Return on common stockholders’ equityenter the return on common stockholders' equity in percentages %
